Crown Resorts sues insurer over class action payout dispute
Crown Resorts has initiated legal action against a multinational insurer that refused to provide coverage for a $72 million class action settlement. The casino operator maintains that the policy should apply to the payout.
First reported 1 hour ago · latest update 1 hour ago
The class action was resolved in 2025, when Crown agreed to settle it for $72.5 million without making any admissions of wrongdoing. Crown, which operates its flagship casino in Melbourne as well as locations in Sydney and Perth, is no longer on the ASX, after American private equity firm Blackstone bought it for about $8.9 billion in 2022.
Crown had multiple layers of directors and officers insurance, which covers against lawsuits brought by shareholders as well as protecting board members and executives from personal financial loss.
In the lead up to the class action settlement, Crown effectively maxed out its primary level, with insurer AIG paying out $7.5 million.
However, Crown had organised multiple layers of additional insurance policies designed to give it a higher level of coverage.
Riverstone International held 50 per cent of the risk on the fourth and fifth level excess policies, but has refused to pay Crown.
Citations · 2 reports from 2 outlets
Tap a citation to read it above, right here on T.A.M.
Crown sues insurer refusing to help it cover mammoth class action payout
Casino operator is suing a multinational insurer, which has declined to pay out a policy the gambling giant expects to help it fund a $72 million class action.
1 hour ago · Elias VisontayCrown sues insurer refusing to help it cover mammoth class action payout
Casino operator is suing a multinational insurer, which has declined to pay out a policy the gambling giant expects to help it fund a $72 million class action.
1 hour ago · Elias Visontay